We go over the Best Algo Trading Platforms in this guide. Algorithmic Trading Platforms are Electronic Trading System that allow Auto Trading.
We explain the basics of Algorithmic Trading and list the top-rated Algorithmic Trading Platforms to Automate your Portfolio.
Table of Contents
List of the Top Algorithmic Trading Platforms 2024
Here is the Public Finance International list of the best Algorithmic Trading Software based on our research:
- eToro Copy Trading – Best Algorithmic Trading Platform overall
- Interactive Brokers – Best API
These are the platforms we don't recommend:
- Bitcoin Era
- Oil Profit
- Bitcoin Prime
- Teslacoin
- NFT Profit
- Bitcode AI
- The Uncharted
Overview of Algorithmic Trading Software
To better understand which Algorithmic Trading Platform will be right for your needs, you can see how each measures up against the others in the table below. Here, we have awarded each Algo Trading Platform a rating based on its overall experience and usefulness for a trader looking for specific services.
| Rank | Algo Trading Platform | Info | PFI Score | Accepts Clients | Minimum | Best For |
|---|---|---|---|---|---|---|
| 1 | eToro | Best Algorithmic Platform Overall | 4.9 | Globally | $50 | Copy Trading |
| 2 | Interactive Brokers | Robust API | 4.9 | Globally | $0 | Best For Tech-Savvy Traders |
| 3 | Bitcoin Era | Best algorithmic trading platform for beginners | Not Recommended | Globally | $0 | Best platform for beginners in general |
| 4 | Oil Profit | Best Algo Platform for commodities | Not Recommended | Globally | $250 | Commodities |
| 5 | Bitcoin Prime | A good platform for crypto and CFDs | Not Recommended | Globally | $250 | Crypto and CFD’s |
| 6 | TeslaCoin | Algorithmic Trading Platform for Cryptocurrencies | Not Recommended | Globally except UK | $0 | Cryptocurrencies |
| 7 | NFT Profit | Best platform for NFT derivatives | Not Recommended | Selected Countries | $250 | NFT derivatives |
| 8 | Bitcode AI | Best for beginners specializing in crypto | Not Recommended | Globally | $250 | Best for beginners in crypto |
| 9 | Uncharted | Algo High Frequency Trading | Not Recommended | Globally | $60 | NFT’s and high frequency trading |
What is algorithmic trading?
Algorithmic trading is a process of executing buy and sell orders using pre-programmed instructions through automated systems. Algorithmic trading uses instructions programmed based on time, volume, and price. Computer algorithms send orders to the markets in full or in fractions over a selected period.
The Algorithmic Trading Software will buy, sell, or hold automatically. Algorithmic Trading Platforms will automate orders using pre-programmed instructions based on different variables.
These Algo Trading Systems use these pre-programmed rules to open and close positions, choose trading instruments, manage risk, and adjust position size.
Top Algorithmic Trading Platforms in Detail
We'll discuss each Algorithmic Platform in more detail to help you decide which is the best pick.
PFI Rating: 4.9/5
1. eToro
Launched in 2007 eToro currently serves over 25 million customers across the globe. What makes eToro such as great platform is the broad range of assets you get access to.
Whether you want to trade cryptocurrency, stocks, funds, commodities, indices, or forex, you can do it through eToro. If you are only interested in cryptocurrencies, eToro gives you access to 60+ digital currencies. This is one of the best multi-asset algorithmic trading solutions.
{etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider.
eToro is one of our top picks because it is a vetted and highly reliable Algorithmic Trading Platform. It is regulated by multiple financial authorities, including CySEC, SEC, FCA, and ASIC.
eToro is available worldwide except in some restricted regions.
Another feature that makes eToro an extremely flexible and capable service is its broad market access. The eToro Mobile App is easy to use but lacks some advanced tools for experienced traders.
eToro is a safe and reliable algorithmic trading platform. They use advanced cybersecurity protocols and certified systems.
Whether you are an advanced user or a new trader, eToro is an excellent platform to get started with. The minimum deposit for copy trading is $200, and the minimum trade size of $1 for each copied position. There are no additional fees for copy trading.
| Trading Platform | eToro |
|---|---|
| Founded | 2007 |
| Regulation | FCA, CySEC, ASIC, FSAS |
| Offering Of Investments | Stocks, ETFs, Forex, Crypto, Indices, Commodities |
| Minimum Deposit | $50 – $100 |
| Demo Account | Yes |
| Withdrawal Fee | $5 |
| Inactivity Fee | $10/month |
| Deposit Methods | Skrill, Neteller, Debit Card, Rapid Transfer, iDEAL, Klarna / Sofort Banking, Bank Transfer, Online Banking – Trustly |
| Pros | Cons |
|---|---|
| Wide Market Access | No Advanced Trading Tools |
| Copy Trading | |
| Well Regulated |
PFI Rating: 4.9/5
2. Interactive Brokers
Interactive Brokers is a multi-asset online trading platform founded in 1978. Top-tier authorities regulate IBKR, making it a safe and reliable choice.
Interactive Brokers offers an API for customized algorithmic trading. What makes them stand out is the unparalleled flexibility and access to high-speed order routing through FIX CTCI.
Their API is best for tech-savvy traders programming algorithms in Python or C++. IB operates in a fast binary format compared to slower JSON formats. However, Interactive Brokers only updates the market data four times per second, making it hard to obtain a full snapshot of trades/quotes. We found it best to use IQFeed for market data and IBKR for executing trades.
For algo trading, it is best to use the PRO account, as the commissions are lower with lower slippage.
On the PRO account Interactive Brokers doesn't have payment for order flow like many other brokers, which is excellent to avoid slippage.
We recommend it for advanced traders as they offer a robust trading infrastructure.
| Trading Platform | Interactive Brokers |
|---|---|
| Founded | 1978 |
| Regulation | SEC, CFTC, FCA, NFA, MAS, CBI, IIROC, ASIC, CSSF |
| Offering Of Investments | Stocks, ETFs, Options, Futures, Currencies, Cryptocurrencies, US Spot Gold, Bonds, Mutual Funds, Hedge Funds |
| Minimum Deposit | $0 |
| Demo Account | Yes |
| Withdrawal Fee | 1 Free Withdrawal per Month |
| Inactivity Fee | No |
| Deposit Methods | Bank Wire, Credit Cards, ACH, Mail a check, Rollover, Online Bill Pay, Trustee-to-Trustee, SEP Contribution |
| Pros | Cons |
|---|---|
| Regulated by top-tier authorities | Could be overwhelming for beginners |
| Wide Market Access | |
| Education and Research |
Conclusion
The best algorithmic trading platform, in our opinion, is eToro. eToro offers a wide range of markets, combined with copy trading, which makes it a great choice. They are regulated by top-tier regulators worldwide. Our second choice is Naga, which is also regulated. To try other platforms on this list, research them in detail and only invest minimum amounts.
